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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
An Internal Service Fund (ISF) provided services to two agencies financed by the General Fund -- the Tax Department (which it billed $200,000) and the Comptroller's Office (which it billed $100,000). In the fund financial statements, the ISF reported a loss of $30,000. How should this information be reported in the government-wide statement of activities?
      a.   Under "business-type activities," in a separate line captioned ISF, revenues of $300,000, expenses of $330,000, and net expenses of ($30,000) should be reported
      b.   Under "governmental-type activities," in a separate line captioned ISF, revenues of$300,000, expenses of $330,000, and net expenses of ($30,000) should be reported
      c.   ISF activities should not be reported, but expenses reported for the Tax Department and the Comptroller's Office should be increased by $20,000 and $10,000, respectively
      d.   ISF activities should not be reported, but expenses reported for the Tax Department and the Comptroller's Office should be reduced by $20,000 and $10,000, respectively
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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9 years ago
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goji.go Author
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#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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